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In Chicago's hot real estate market, it seems that only an eternal optimist
could search for a newly converted condo priced under $200,000. Trying
to find a developer's unit at this price point in the Gold Coast, much
less on Lake Shore Drive, would seem to be a fool's errand indeed if RDM
Development wasn't offering condos base priced from the high $130s in
its new conversion, 1400 Lake Shore Drive.

"This is a once-in-a-lifetime opportunity," says Matt Garrison, of Coldwell
Banker Residential, exclusive sales agent for the development. "There
will never be another property in this location at these price points.
And to make things even better, we've created an incredible Modern Luxury
upgrade package for the remaining units." Example of sleek European cabinetry
available in RDM Homes.

The
kitchen and bathroom upgrades included in the new package are designed
to bring modern luxury, as the package name suggests, to a building full
of vintage charm.

Located on the northwest corner of Lake Shore Drive and Schiller Street,
in the Gold Coast, 1400 N. Lake Shore Drive was designed for the Wrigley
family in 1927 by architects Hooper & Janusch. The 22-story concrete structure,
originally designed as a hotel, ended up as a co-op apartment building
until the 1950s, when it was converted into luxurious rental units.

"This is just an outstanding property, and it is filled with Old World
decorating," says RDM Development co-founder Robert Mosky, who points
out that the building and the units have been impeccably maintained over
the years. "But the time has come to introduce it to 21st century technology
without taking away from the design and craftsmanship of the past."

Upgrades in the Modern Luxury package include opening up the kitchens
and living areas and installing new kitchen tile flooring and cabinets,
Premier black appliances, granite countertops, breakfast bars and sink
fixtures.

Bathrooms will be completely renovated with tile flooring, European vanities,
deluxe soaker tubs, designer lighting and new showers and shower surrounds.
The units also will have new drywall, refinished hardwood floors, new
electrical fixtures and multimedia wiring.

According to Mosky, each selection in the Modern Luxury package was carefully
chosen to integrate seamlessly into the residences.

"For example, rather than offering the wood cabinetry that you find at
so many developments, we are featuring a choice of sleek European cabinetry
that relates to modern design elements from the (art deco) period," Mosky
says. "It is important to remember that while this is a vintage property,
the art deco movement was really one of modern design."

Garrison points out that the Modern Luxury package is a flexible plan,
and that prospective buyers can customize it in a variety of ways.

And the improvements at 1400 Lake Shore Drive aren't limited to the condo
interiors. RDM says it will spend around $12 million, or more than $30,000
per unit, refurbishing building mechanicals and infrastructure. The developer
will replace the roof, the building's electrical and water systems, all
windows, baseboard heating, air conditioners, ventilation systems, plumbing
risers, unit electrical service and other mechanical elements.

"We also plan some common area improvements," Garrison says. "For example,
we will be putting wood paneling and marble flooring in the elevator lobbies
on each floor, and we will brighten the hallways a bit with new carpeting
and lighting."

The building features an elegant hotel-like European lobby with fresco
ceilings, marble floors, walnut paneling and classical furniture. Building
amenities include a 24-hour fitness center, a laundry room, dry cleaning
and tailor services, a salon, a convenience store, a video store and a
rooftop sundeck and park.

Mosky says that RDM will expand the fitness club and purchase new equipment.
He also anticipates improvements to the sundeck and hopes to entice a
five-star restaurant to move into the building, a throwback to the famous
CoqAuVin, which was located at 1400 N. Lake Shore Drive for many years.

The unit mix consists of "in-towns" and larger condos with one, two or
three bedrooms. The homes range from 400 to 1,500 square feet. At press
time, base pricing for the lakefront condos began in the high $130s. Units
with Modern Luxury upgrades start in the $150s for in-towns, in the $190s
for one-bedrooms, in the $270s for two-bedrooms, and in the $450s for
three-bedrooms. At press time, about 40 percent of the units had been
sold, according to Garrison.

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